🌎 Pork on the docket

Plus: The IMF is unlikely to give us good news.
🌎 Pork on the docket

Good morning, Quartz readers!

Here’s what you need to know

The US Supreme Court hears the pork industry’s case against California’s Proposition 12. The challenge against the animal welfare law has deeper implications for state rights.

Meta Connect has people excited about a new VR headset. The company’s quest to dominate the space, however, has a blind spot and a growing rival.

Rivian’s recall prompted a dip in share price. The struggling stock was down more than 7% on Monday after the electric automaker announced a voluntary recall of nearly all its vehicles.

US banks’ political donations have dropped. This midterm election cycle has seen fewer commitments from financial institutions compared to 2020, and Democrats are getting a larger share of the funds.

Hurricane Julia wreaked havoc across Central America. At least 28 people died as the storm that battered Colombia moved on to Nicaragua, Guatemala, and El Salvador.

Japan reopened its doors to international tourists. Pandemic-era travel restrictions were lifted, but the country’s hospitality industry is facing a labor shortage.

What to watch for

The IMF is due to release its latest World Economic Outlook today, and the expectation is that the report won’t contain a whole lot of good news.

As anticipated by IMF managing director Kristalina Georgieva last week, the global growth forecast for 2022 and 2023 will be downgraded from current levels due to the triple threat of lingering covid disruptions, Russia’s invasion of Ukraine, and climate disasters.

Image for article titled 🌎 Pork on the docket
Graphic: Sofia Lotto Persio

Among those attending the IMF gathering in Washington, DC this week is British finance minister Kwasi Kwarteng, whose tax-cut-driven plans for the UK economy earned a rare and stern rebuke from the organization. With Kwarteng having already U-turned on his intention to abolish the UK’s highest tax bracket, the meeting may provide inspiration for additional policy changes ahead of the fiscal statement scheduled for Nov. 23.

The digital rupee won’t be like crypto

Following in China’s footsteps, which are about to step across borders, the Reserve Bank of India (RBI) announced a digital currency last week. Presenting: the e-rupee!

“E-rupee or digital rupee will provide an additional option to the currently available forms of money. It is substantially not different from banknotes, but being digital it is likely to be easier, faster, and cheaper,” said the central bank’s Oct. 7 concept note (pdf).

There’s no launch date as yet, but there are a couple things we do know:

👛The e-rupee will be held in an e-wallet and be e-controlled by the e-central e-bank (or, just the RBI, but here’s hoping for a rebrand).

💸 E-rupees will involve a token-based system. A person transferring the digital currency must have the recipient’s public key, a sort of digital address.

🏦 It’ll be released in two forms: wholesale for interbank settlements and retail for the public. Although issued by RBI, commercial banks can further distribute the digital currency.

What are you doing about your employees’ mental well-being?

Most well-being solutions ask people to do things in addition to their work, but they don’t ask people to change how they work. The people who take on extra yoga classes, meditate regularly, and are loyal to their sleep apps are typically those with the time (which also costs money to free up) and the means to do them.

Those overwhelmed at work and drowning in home responsibilities are left in the dust. But employers can play a big role in closing the gap in well-being and mental health support at work. In honor of World Mental Health Day, experts Dr. Janet Ahn and Tessa West describe five science-based actions companies can take to make a difference.

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Surprising discoveries

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Our best wishes for a productive day. Send any news, comments, butter pats, and Tuccis to hi@qz.com. Reader support makes Quartz available to all—become a member. Today’s Daily Brief was brought to you by Susan Howson, Niharika Sharma, Sofia Lotto Persio, and Julia Malleck.